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Ethiopia Registers 8% Growth

Ethiopia Registers 8% Growth

For the first time in decades, Ethiopia’s economy has recorded its slowest growth. According to the BBC, economic growth in the country slowed to 8% in the 2015/2016 fiscal year. Ethiopia’s planning commission says that the country may fail to reach this year’s projected growth of 11% due to a devastating drought that has affected harvest in most parts of the country. Earlier this year, the International Monetary Fund had warned that Ethiopia’s economy would shrink to 4.5%, but the government dismissed the figures saying that growth would reach 8%. Ethiopia has been one of the world’s fastest growing economies with growth averaging 10% over the last 10 years.